This paper contributes to the debate on globalization and the great divergence with a comprehensive analysis of trends, causes and effects of the integration of Asia in the world market from 1800 to the eve of World War Two, based on a newly compiled data-set. The analysis finds that: most price convergence occurred before 1870, with only little disintegration in the inter-war years; market integration was determined to a large extent by the fall of Western trading monopolies; it implied significant static welfare gains and emerges as a major cause of the growth of exports and substantial improvements in the terms of trade.

Early globalizations: the integration of Asia in the world economy, 1800-1938

FEDERICO, GIOVANNI;
2015-01-01

Abstract

This paper contributes to the debate on globalization and the great divergence with a comprehensive analysis of trends, causes and effects of the integration of Asia in the world market from 1800 to the eve of World War Two, based on a newly compiled data-set. The analysis finds that: most price convergence occurred before 1870, with only little disintegration in the inter-war years; market integration was determined to a large extent by the fall of Western trading monopolies; it implied significant static welfare gains and emerges as a major cause of the growth of exports and substantial improvements in the terms of trade.
2015
Federico, Giovanni; Chilosi, David
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11568/779458
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